Saving for retirement

I was reading an article in one of the trade mags about saving for retirement and how few of us do this. Our sales are around $240K a year and I'm able to save after all my personal bills and business expenses about $10000 - $12000 of that each year for retirement. I'm wondering if this is a reasonable amount or if it seems like the business isn't performing as well as it should be. We have two full timers and my wife and I run the operation together.

I just don't know if we could do any better working for someone else in another field. What do you all thinks? Any input would be greatly appreciated!

I think it depend how old you are to say if that is a suffice amount. If you are 20 years old I'd say heck yeah you will be a millionare. If you are 62 and going to retire in 3 years you may need to save considerably more.

JasonPC, I hope you get it in a Mutual fund that is making money and not loosing money. If your loosing money you might as well put it in a money market an then just keep even with inflation hopefully.

People are always looking for bargains everyday (i.e. shop at Wal-mart) but as soon as they invest in a mutual fund they forget about it and a year later check on it and they may have lost 20% of their investment.

Currently in this lousy stock market environment we got ALL our 401K in Strong Government securities (bond fund - STVSX symbol) and is making average 9.7% each year over last 3 years.